Publish date:

Solar Flare: ReneSola Spikes on Upgrade

The action in the cheaper shares among Chinese solar companies has been frenzied this week, and on Wednesday morning, on a reported upgrade from Morgan Stanley, ReneSola is the main beneficiary.

JIASHAN, China (

TheStreet

) -- The action on the cheaper Chinese shares in the solar sector has been fast and furious this week, and Wednesday morning was adding more fire to the heat being generated by the cheaper Chinese solar plays.

On Wednesday morning, Morgan Stanley upgraded

ReneSola

(SOL) - Get Report

to overweight, sending ReneSolar shares up more than 11% in early trading. Twice the average number of daily RenSola share volume had been achieved within an hour of the market's opening on Wednesday.

The first two days of the week highlighted the astronomic rise of

JA Solar

(SYMBOL)

, and one of the primary reasons highlighted for

JA Solar's spike was its price relative to the other Chinese solar companies, many of which had been on multi-week run-ups throughout the second half of November.

ReneSola is also among the cheapest of the solar Chinese names, with a share price of $4.50 at the close yesterday -- after the first hour of trading on Wednesday morning, ReneSola had gained close to 50 cents.

TheStreet Recommends

China Sunenergy

(CSUN)

had also been among the biggest gainers on Tuesday, and at $4.53, is priced similarly to ReneSola and JA Solar. China Sunenergy was up more than 2% in early trading on Wednesday.

-- Reported by Eric Rosenbaum in New York.

RELATED STORIES:

>> Solar Flare: JA Solar is Red Hot

>> Wind Versus Solar: Is One a Better Wager?

>> Do Solar Firms Face German D-Day?

>>See our new stock quote page.

Follow TheStreet.com on

Twitter

and become a fan on

Facebook.

Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.